Bahrain-based Islamic retail bank Khaleeji Commercial Bank (KHCB) has been given the straight through processing (STP) award by Standard Chartered Bank.

The award is given to select banks worldwide that meet stringent criteria when constructing cross-border payments, which are processed without any manual intervention, thus saving time and increasing efficiency, said a report in the Gulf Daily News (GDN), our sister publication.

It also received an appreciation letter from Standard Chartered to acknowledge its performance in relation to the dollar payment instructions sent by KHCB to Standard Chartered Bank.

KHCB chief executive Khalil Al Meer said the bank has reached an STP rate of 96.4 per cent efficiency in the execution of electronic payments. - TradeArabia News Service